Pozen shares up on new drug application submission
Pozen shares rise on submission of new drug application for potential cardiovascular drugs
NEW YORK (AP) -- Shares of Pozen Inc. got a boost Wednesday after the company said it submitted a new drug application to the U.S. Food and Drug Administration for the marketing approval of two potential cardiovascular drugs.
THE SPARK: The move is a major step toward commercializing the drugs and means that the company thinks it has proven that the drugs are safe and effective.
THE BIG PICTURE: Posen's PA32540 and PA8140 are both intended as alternatives to plain aspirin for the prevention of cardiovascular disease. Many people take aspirin to prevent heart problems, but long-term use of aspirin can cause ulcers.
Pozen's drugs contain aspirin and the omeprazole, the active ingredient in heartburn drugs like Prilosec. The omeprazole is released as soon as the drug is taken and the aspirin is released over time.
Pozen is seeking approval for use in patients at risk of aspirin-induced ulcers.
Pozen CEO John Plachetka called the move "an important milestone for the drug" and said the company looks forward to completing a commercial deal with a partner "in the upcoming months."
THE SHARES: Up 15 cents, or 3 percent, to $5.39 in morning trading, after peaking at $5.50 earlier in the day. Over the past 52 weeks, the company's shares have traded between $4.81 and $8.12.
Pozen shares are down about 2 percent so far this year.
